China's banks cut mortgage rates by 20-60 bps since March

[BEIJING] Banks in more than 100 Chinese cities have lowered mortgage rates by an average 20-60 basis points since March, Zou Lan, a central bank official, said on Thursday (Apr 14).

Outstanding individual mortgages were at 38.8 trillion yuan (S$8.2 trillion) at the end of March, up 8.9 per cent from a year earlier, Zou told a briefing.

China's property market slowed sharply last year with home prices falling and bonds defaults, due to Beijing's campaign to reduce developers' high debt levels with strict limits on fresh borrowing.

Authorities in more cities have introduced easing policy steps to stoke buyers' demand and boost the sentiment in the property market, such as subsidies, lower mortgage rates, and smaller down-payments. REUTERS